Senior Credit Analyst

Who we are: Formic is on a mission to reshape American manufacturing by making automation accessible to every factory. As labor constraints rise, costs increase, and global competition intensifies, automation is no longer optional for manufacturers that want to stay competitive. We deliver automation through a Robotics-as-a-Service model that combines industrial robotics, proprietary software, and full-service support into a single, integrated solution. By removing the traditional barriers of cost, complexity, and risk, we enable manufacturers to deploy automation quickly and realize measurable gains in throughput, safety, and operational efficiency without large upfront capital investment. Backed by leading investors including Lux Capital, Initialized Capital, Blackhorn Ventures, and Mitsubishi HC Capital North America, Formic is scaling rapidly and building the foundation for a new era of high-performance, Made in America production. About the team: Formic’s Credit Team supports responsible growth by evaluating customer risk and structuring commercial terms that enable scalable automation deployments. The team partners cross-functionally to assess exposure, protect capital, and maintain disciplined underwriting standards as Formic expands nationwide. By balancing risk management with commercial velocity, the team helps ensure Formic can scale confidently while maintaining strong portfolio performance. About the role: As a Senior Credit Analyst, you will lead underwriting efforts for SMB and mid-market manufacturing customers. You will assess financial health, evaluate risk, and recommend commercial structures that align customer opportunity with Formic’s capital strategy. This role requires strong analytical rigor, sound judgment, and the ability to operate independently while partnering closely with Sales and cross-functional stakeholders to support deal execution without compromising credit discipline. In this role you will: Evaluate financial statements, cash flow profiles, leverage, and working capital trends for SMB and mid-market companies Assign internal risk ratings and recommend appropriate exposure thresholds Structure commercial terms aligned to customer risk profile and portfolio objectives Partner with Sales to support timely deal execution while maintaining underwriting discipline Coordinate with Legal and Finance to ensure commercial terms align with Formic’s risk posture Monitor portfolio performance and identify early warning indicators Maintain clear documentation of underwriting decisions and supporting analysis Contribute to refinement of underwriting tools, frameworks, and internal processes What makes you a great fit: 5+ years of experience in commercial credit, underwriting, equipment finance, or asset-based lending Direct experience underwriting SMB or mid-market manufacturing companies Strong understanding of financial statements, cash flow analysis, and asset-heavy business models Experience structuring credit exposure and negotiating commercial terms Ability to make independent, well-reasoned credit decisions Strong communication skills and comfort partnering with Sales and cross-functional stakeholders Based in or willing to relocate to the greater San Francisco area and able to work onsite 3+ days per week from Formic’s Oakland, CA office Bonus points if you have: Experience in equipment finance, leasing, or capital equipment underwriting Familiarity with subscription or recurring revenue business models Experience with portfolio monitoring, delinquency management, and loss forecasting Experience working within Salesforce or similar CRM-driven workflow Our Total Rewards: At Formic, we believe people do their best work when they feel supported both professionally and personally. That’s why we offer a comprehensive benefits and perks package for full-time, U.S.-based team members, including: Equity in Formic: Participate in our stock option program and share in the success of a fast-growing start-u